South China Aluminum: Prices Become More Resilient to Declines over Increased Purchases

SHANGHAI, Jan. 5 (SMM) – SHFE aluminum prices presented a weak track due to a lack of upward momentum and struggled around moving averages on Thursday. Although more goods arrived in spot aluminum market in South China during the New Year’s holiday, the added goods were soon consumed due to the previous low stocks and replenishment by downstream processors ahead of Chinese New Year. As a result, some cargo holders were not willing to move goods at lower prices and spot prices became more resilient to declines, with main transactions done at RMB 16,010-16,030/mt. Transactions were relatively active on Thursday.